Japanese banks back CVC’s fourth Asian fund

JBIC and Sumitomo will invest up to $50m each in the fund, which is targeting $3.5bn, the banks said in statements.

This is JBIC’s first investment in a private equity buyout fund and having the bank onboard as an LP could “raise CVC’s profile in Japan, and potentially help CVC to sell portfolio companies to Japanese investors,” a source with direct knowledge of the firm’s strategy told Reuters.